[ 1 ] World Energy Council. World energy trilemma [Internet]. London: World Energy Council; 2017 [cited 2019 Jul 3]. Available from: https:// www.worldenergy.org/transition-toolkit/world-energy-trilemma-index. link1

[ 2 ] International Energy Agency. WEO-2014 special report: world energy investment outlook [Internet]. Paris: International Energy Agency; 2014 Jun 3 [cited 2019 Mar 20]. Available from: https://webstore.iea.org/weo-2014- special-report-world-energy-investment-outlook. link1

[ 3 ] Global Energy Interconnection Development and Cooperation Organization. Overview [Internet]. Beijing: Global Energy Interconnection Development and Cooperation Organization; [cited 2019 Mar 20]. Available from: https://en. geidco.org/. link1

[ 4 ] Ofgem. Ofgem’s future insights paper 3 local energy in a transforming energy system [Internet]. London: Ofgem; 2017 Jan 30 [cited 2019 Mar 25]. Available from: https://www.ofgem.gov.uk/publications-and-updates/ofgem-futureinsights-series-local-energy-transforming-energy-system. link1

[ 5 ] Economist Intelligence Unit. The global energy conversation part II: solutions to 2050 [Internet]. London: The Economist group; [cited 2019 Jul 3]. Available from: http://www.economist.com/sites/default/files/gec2_2011_summary_ paper_a4_v20_web.pdf. link1

[ 6 ] Energy UK. Pathways for the GB electricity sector to 2030 chapter 2: whole system approach [Internet]. London: Energy UK; [cited 2019 Jul 3]. Available from: https:// www.energy-uk.org.uk/publication.html?task=file.download&id=5719. link1

[ 7 ] Hong B, Zhang W, Zhou Y, Chen J, Xiang Y, Mu Y. Energy-Internet-oriented microgrid energy management system architecture and its application in China. Appl Energy 2018;228:2153–64. link1

[ 8 ] Yazdanie M, Densing M, Wokaun A. The nationwide characterization and modeling of local energy systems: quantifying the role of decentralized generation and energy resources in future communities. Energy Policy 2018;118:516–33. link1

[ 9 ] US Energy Information Administration. Electricity explained: how electricity is delivered to consumers [Internet]. Washington, DC: US Energy Information Administration; [cited 2019 Jul 14]. Available from: https://www.eia.gov/ energyexplained/index.php?page=electricity_delivery. link1

[10] Cui X. The UK electricity markets: its evolution, wholesale prices and challenge of wind energy [dissertation]. Stirling: University of Stirling; 2010. link1

[11] Rodríguez-Molina J, Martínez-Núñez M, Martínez J, Pérez-Aguiar W. Business models in the smart grid: challenges, opportunities and proposals for prosumer profitability. Energies 2014;7(9):6142–71. link1

[12] Wang C, Wang D, Zhou Y. Framework analysis and technical challenges to smart distribution system. Autom Elctr Power Syst 2015;39(9):2–9. Chinese.

[13] Zhong W, Yu R, Xie S, Zhang Y, Tsang DHK. Software defined networking for flexible and green energy Internet. IEEE Commun Mag 2016;54(12):68–75. link1

[14] UK Research and Innovation. Peer-to-peer energy trading and sharing 3M (multi-times, multi-scales, multi-qualities) [Internet]. Swindon: UK Research and Innovation; [cited 2019 Jul 15]. Available from: https://gtr.ukri.org/ projects?ref=EP%2FN03466X%2F1.

[15] Verv Energy. The sharing economy: let’s talk about the ‘peer-to-peer’ in energy trading [Internet]. [cited 2019 Jul 15]. Available from: https://medium.com/@ VervEnergy/the-sharing-economy-lets-talk-about-the-peer-to-peer-in-energytrading-e4e679307f89. link1

[16] Zhou Y, Wu J, Long C, Cheng M, Zhang C. Performance evaluation of peer-topeer energy sharing models. Energy Procedia 2017;143:817–22. link1

[17] Zhou Y, Wu J, Long C. Evaluation of peer-to-peer energy sharing mechanisms based on a multiagent simulation framework. Appl Energy 2018;222: 993–1022. link1

[18] Electricity’s future may be peer-to-peer. Electr J 2016;29(6):3–4.

[19] Papadaskalopoulos D, Strbac G. Decentralized participation of flexible demand in electricity markets–part I: market mechanism. IEEE Trans Power Syst 2013;28(4):3658–66.

[20] Zhang C, Wu J, Zhou Y, Cheng M, Long C. Peer-to-peer energy trading in a microgrid. Appl Energy 2018;220:1–12. link1

[21] Morstyn T, Farrell N, Darby SJ, McCulloch MD. Using peer-to-peer energytrading platforms to incentivize prosumers to form federated power plants. Nat Energy 2018;3(2):94–101. link1

[22] European Commission. P2P-SmarTest [Internet]. Brussels: European Commission; [cited 2019 Mar 20]. Available from: https://ec.europa.eu/inea/ en/horizon-2020/projects/h2020-energy/grids/p2p-smartest. link1

[23] Li F, Strbac G, Jeon J, McCulloch M, Adebisi B, Li R. Peer-to-peer energy trading and sharing 3M (multi-times, multi-scales, multi-qualities) [Internet]. Swindon: EPSRC; 2016 Sep 1 [cited 2019 Mar 20]. Available from: https://gow.epsrc.ukri.org/NGBOViewGrant.aspx?GrantRef=EP/N03466X/1. link1

[24] The Energy Collective. The energy collective project—towards direct sharing and trading of electric energy! [Internet]. Copenhagen: The Energy Collective; [cited 2019 Mar 20]. Available from: https://the-energy-collective-project.com/. link1

[25] Verma P, O’Regan B, Hayes B, Thakur S, Breslin JG. EnerPort: Irish Blockchain project for peer-to-peer energy trading. Energy Inf 2018;1(14):1–9. link1

[26] European Commission. Neighbourhood Oriented Brokerage ELectricity and monitoring system [Internet]. Brussels: European Commission; [cited 2019 Mar 20]. Available from: https://cordis.europa.eu/project/rcn/94044/factsheet/en. link1

[27] The University of Queensland. Peer-to-peer energy trading schemes for sustainable cities (2017–2020) [Internet]. St Lucia: The University of Queensland; [cited 2019 Mar 20]. Available from: http://researchers.uq.edu. au/research-project/31099. link1

[28] Software-Cluster. Peer energy cloud—efficient energy management from the cloud [Internet]. Weilerbach: Software-Cluster; [cited 2019 Mar 20]. Available from: http://oldweb.software-cluster.com/en/research/projects/partnerprojects/peer-energy-cloud. link1

[29] UK Research and Innovation. Street2Grid—an electricity blockchain platform for P2P energy trading [Internet]. Swindon: UK Research and Innovation; [cited 2019 Mar 20]. Available from: https://gtr.ukri.org/projects?ref=EP% 2FS001778%2F1.

[30] Singh A, Strating AT, Romero Herrera NA, van Dijk HW, Keyson DV. Towards an ethnography of electrification in rural India: social relations and values in household energy exchanges. Energy Res Soc Sci 2017;30:103–15. link1

[31] Da Silva PG, Ilic´ D, Karnouskos S. The impact of smart grid prosumer grouping on forecasting accuracy and its benefits for local electricity market trading. IEEE Trans Smart Grid 2014;5(1):402–10. link1

[32] Velik R, Nicolay P. Grid-price-dependent energy management in microgrids using a modified simulated annealing triple-optimizer. Appl Energy 2014;130:384–95. link1

[33] Luo Y, Itaya S, Nakamura S, Davis P. Autonomous cooperative energy trading between prosumers for microgrid systems. In: Proceedings of the 39th Annual IEEE Conference on Local Computer Networks Workshops; 2014 Sep 8–11; Edmonton, AB, Canada; 2014. p. 1–4.

[34] Mihaylov M, Jurado S, Avellana N, van Moffaert K, de Abril IM, Nowé A. NRGcoin: virtual currency for trading of renewable energy in smart grids. In: Proceedings of the 11th International Conference on the European Energy Market; 2014 May 28–30; Krakow, Poland; 2014. p. 1–6.

[35] Cui T, Wang Y, Nazarian S, Pedram M. An electricity trade model for multiple power distribution networks in smart energy systems. In: Proceedings of the 2014 IEEE PES General Meeting; 2014 Jul 27–31; National Harbor, MD, USA; 2014. p. 1–5.

[36] Mohn T, Piasecki R. A smarter grid enables communal microgrids. In: Proceedings of the 2011 IEEE Green Technologies Conference; 2011 Apr 14– 15; Baton Rouge, LA, USA; 2011. p. 1–6.

[37] Ilic D, Da Silva PG, Karnouskos S, Griesemer M. An energy market for trading electricity in smart grid neighbourhoods. In: Proceedings of the 2012 6th IEEE International Conference on Digital Ecosystems and Technologies; 2012 Jun 18–20; Campione d’Italia, Italy; 2012. p. 1–6.

[38] Long C, Wu J, Zhou Y, Jenkins N. Peer-to-peer energy sharing through a twostage aggregated battery control in a community Microgrid. Appl Energy 2018;226:261–76.

[39] Nguyen S, Peng W, Sokolowski P, Alahakoon D, Yu X. Optimizing rooftop photovoltaic distributed generation with battery storage for peer-to-peer energy trading. Appl Energy 2018;228:2567–80.

[40] Lüth A, Zepter JM, del Granado PC, Egging R. Local electricity market designs for peer-to-peer trading: the role of battery flexibility. Appl Energy 2018;229:1233–43.

[41] Hou W, Guo L, Ning Z. Local electricity storage for blockchain-based energy trading in industrial Internet of things. IEEE Trans Ind Inf 2019;15(6):3610–9.

[42] Zepter JM, Lüth A, del Granado PC, Egging R. Prosumer integration in wholesale electricity markets: synergies of peer-to-peer trade and residential storage. Energy Build 2019;184:163–76.

[43] Alam MR, St-Hilaire M, Kunz T. Peer-to-peer energy trading among smart homes. Appl Energy 2019;238:1434–43.

[44] Ecker F, Spada H, Hahnel UJJ. Independence without control: autarky outperforms autonomy benefits in the adoption of private energy storage systems. Energy Policy 2018;122:214–28.

[45] Morstyn T, Teytelboym A, McCulloch MD. Bilateral contract networks for peerto-peer energy trading. IEEE Trans Smart Grid 2019;10(2):2026–35. link1

[46] Sorin E, Bobo L, Pinson P. Consensus-based approach to peer-to-peer electricity markets with product differentiation. IEEE Trans Power Syst 2019;34(2):994–1004. link1

[47] Devine MT, Cuffe P. Blockchain electricity trading under demurrage. IEEE Trans Smart Grid 2019;10(2):2323–5. link1

[48] Luo F, Dong ZY, Liang G, Murata J, Xu Z. A distributed electricity trading system in active distribution networks based on multiagent coalition and blockchain. IEEE Trans Power Syst 2019;34(5):4097–108. link1

[49] Guerrero J, Chapman A, Verbic G. A study of energy trading in a low-voltage network: centralised and distributed approaches. In: Proceedings of the 2017 Australasian Universities Power Engineering Conference; 2017 Nov 19–22; Melbourne, VIC, Australia; 2017. p. 1–6.

[50] Guerrero J, Chapman AC, Verbicˇ G. Decentralized P2P energy trading under network constraints in a low-voltage network. IEEE Trans Smart Grid 2019;10 (5):5163–73. link1

[51] Kang J, Yu R, Huang X, Maharjan S, Zhang Y, Hossain E. Enabling localized peerto-peer electricity trading among plug-in hybrid electric vehicles using consortium blockchains. IEEE Trans Ind Inf 2017;13(6):3154–64. link1

[52] Li Z, Kang J, Yu R, Ye D, Deng Q, Zhang Y. Consortium blockchain for secure energy trading in industrial Internet of things. IEEE Trans Ind Inf 2018;14 (8):3690–700. link1

[53] Long C, Wu J, Zhang C, Thomas L, Cheng M, Jenkins N. Peer-to-peer energy trading in a community microgrid. In: Proceedings of the 2017 IEEE PES General Meeting; 2017 Jul 16–20; Chicago, IL, USA; 2017. p. 1–5.

[54] Alvaro-Hermana R, Fraile-Ardanuy J, Zufiria PJ, Knapen L, Janssens D. Peer-topeer energy trading with electric vehicles. IEEE Intell Transp Syst Mag 2016;8 (3):33–44. link1

[55] Morstyn T, McCulloch MD. Multi-class energy management for peer-to-peer energy trading driven by prosumer preferences. IEEE Trans Power Syst 2019;34(5):4005–14. link1

[56] Paudel A, Chaudhari K, Long C, Gooi HB. Peer-to-peer energy trading in a prosumer-based community microgrid: a game-theoretic model. IEEE Trans Ind Electron 2018. link1

[57] Baroche T, Pinson P, Latimier RLG, Ahmed HB. Exogenous cost allocation in peer-to-peer electricity markets. IEEE Trans Power Syst 2019;34(4):2553–64. link1

[58] Chen T, Su W. Indirect customer-to-customer energy trading with reinforcement learning. IEEE Trans Smart Grid 2019;10(4):4338–48. link1

[59] Liu N, Yu X, Wang C, Li C, Ma L, Lei J. Energy-sharing model with price-based demand response for microgrids of peer-to-peer prosumers. IEEE Trans Power Syst 2017;32(5):3569–83. link1

[60] Paterakis NG, Erdinç O, Catalão JPS. An overview of demand response: keyelements and international experience. Renew Sustain Energy Rev 2017;69:871–91. link1

[61] Zhang S, Qin X. Lessons learned from China’s residential tiered electricity pricing reform [Internet]. Winnipeg: The International Institute for Sustainable Development; 2015 [cited 2019 Jul 10]. Available from: https://www.iisd.org/ gsi/sites/default/files/ffsr_china_lessons_learned_may_2015.pdf. link1

[62] BC Hydro. Evaluation of the residential inclining block rate [Internet]. [cited 2019 Jul 10]. Available from: https://www.bchydro.com/content/ dam/BCHydro/customer-portal/documents/corporate/regulatory-planningdocuments/revenue-requirements/10-RIB-Evaluation-report.pdf. link1

[63] Smart Energy International. Introduction of inclining block tariffs benefits low income domestic customers in South Africa [Internet]. Rondebosch: Smart Energy International; 2012 Jun 15 [cited 2019 Jul 10]. Available from: https:// www.smart-energy.com/regional-news/africa-middle-east/introduction-ofinclining-block-tariffs-benefits-low-income-domestic-customers-in-southafrica/. link1

[64] Tushar W, Saha TK, Yuen C, Liddell P, Bean R, Poor HV. Peer-to-peer energy trading with sustainable user participation: a game theoretic approach. IEEE Access 2018;6:62932–43. link1

[65] Wu FF, Varaiya PP, Hui RSY. Smart grids with intelligent periphery: an architecture for the energy Internet. Engineering 2015;1(4):436–46. link1

[66] Jones R, Haley B, Kwok G, Hargreaves J, Williams J. Electrification and the future of electricity markets: transitioning to a low-carbon energy system. IEEE Power Energy Mag 2018;16(4):79–89. link1

[67] Litvinov E, Zhao F, Zheng T. Electricity markets in the United States: power industry restructuring processes for the present and future. IEEE Power Energy Mag 2019;17(1):32–42. link1

[68] Sousa T, Soares T, Pinson P, Moret F, Baroche T, Sorin E. Peer-to-peer and community-based markets: a comprehensive review. Renew Sustain Energy Rev 2019;104:367–78. link1

[69] Tushar W, Yuen C, Mohsenian-Rad H, Saha T, Poor HV, Wood KL. Transforming energy networks via peer-to-peer energy trading: the potential of game theoretic approaches. IEEE Signal Process Mag 2018;35(4):90–111. link1

[70] Ahl A, Yarime M, Tanaka K, Sagawa D. Review of blockchain-based distributed energy: implications for institutional development. Renew Sustain Energy Rev 2019;107:200–11. link1

[71] Brilliantova V, Thurner TW. Blockchain and the future of energy. Technol Soc 2019;57:38–45. link1

[72] Walport M. Distributed ledger technology: beyond block chain [Internet]. London: GOV.UK; 2016 Jan 19 [cited 2019 Jul 10]. Available: https://www.gov. uk/government/uploads/system/uploads/attachment_data/file/492972/gs-16- 1-distributed-ledger-technology.pdf. link1

[73] Mengelkamp E, Gärttner J, Rock K, Kessler S, Orsini L, Weinhardt C. Designing microgrid energy markets: a case study: the Brooklyn microgrid. Appl Energy 2018;210:870–80. link1

[74] Andoni M, Robu V, Flynn D, Abram S, Geach D, Jenkins D, et al. Blockchain technology in the energy sector: a systematic review of challenges and opportunities. Renew Sustain Energy Rev 2019;100:143–74. link1

[75] Aitzhan NZ, Svetinovic D. Security and privacy in decentralized energy trading through multi-signatures, blockchain and anonymous messaging streams. IEEE Trans Depend Secure Comput 2018;15(5):840–52. link1

[76] Kahn AE. The economics of regulation: institutional issues. New York: Wiley; 1971. link1

[77] Nepal R, Foster J. Electricity networks privatization in Australia: an overview of the debate. Econ Anal Policy 2015;48:12–24. link1

[78] Werth A, Kitamura N, Tanaka K. Conceptual study for open energy systems: distributed energy network using interconnected DC nanogrids. IEEE Trans Smart Grid 2015;6(4):1621–30. link1

[79] Kumar M, Srivastava SC, Singh SN, Ramamoorty M. Development of a control strategy for interconnection of islanded direct current microgrids. IET Renew Power Gener 2015;9(3):284–96. link1

[80] Hossain MJ, Mahmud MA, Milano F, Bacha S, Hably A. Design of robust distributed control for interconnected microgrids. IEEE Trans Smart Grid 2016;7(6):2724–35. link1

[81] Konar S, Ghosh A. Interconnection of islanded DC microgrids. In: Proceedings of 2015 IEEE PES Asia-Pacific Power and Energy Engineering Conference; 2015 Nov 15–18; Brisbane, QLD, Australia; 2015. p. 1–5.

[82] Nguyen PH, Kling WL, Ribeiro PF. Smart power router: a flexible agent-based converter interface in active distribution networks. IEEE Trans Smart Grid 2011;2(3):487–95. link1

[83] Sánchez-Squella A, Ortega R, Griño R, Malo S. Dynamic energy router. IEEE Control Syst Mag 2010;30(6):72–80. link1

[84] Ma J, Song L, Li Y. Optimal power dispatching for local area packetized power network. IEEE Trans Smart Grid 2018;9(5):4765–76. link1

[85] Wang R, Wu J, Qian Z, Lin Z, He X. A graph theory based energy routing algorithm in energy local area network. IEEE Trans Ind Inf 2017;13 (6):3275–85. link1

[86] Abdella J, Shuaib K. Peer to peer distributed energy trading in smart grids: a survey. Energies 2018;11(6):1560. link1

[87] Nikolaidis AI, Charalambous CA, Mancarella P. A graph-based loss allocation framework for transactive energy markets in unbalanced radial distribution networks. IEEE Trans Power Syst 2019;34(5):4109–18. link1

[88] Jogunola O, Ikpehai A, Anoh K, Adebisi B, Hammoudeh M, Gacanin H, et al. Comparative analysis of P2P architectures for energy trading and sharing. Energies 2018;11(1):62. link1

[89] Zhang C. Peer-to-peer energy trading in electrical distribution networks [dissertation]. Cardiff: Cardiff University; 2017. link1

[90] Singh A, Strating AT, Herrera NAR, Mahato D, Keyson DV, van Dijk HW. Exploring peer-to-peer returns in off-grid renewable energy systems in rural India: an anthropological perspective on local energy sharing and trading. Energy Res Soc Sci 2018;46:194–213. link1

[91] Giotitsas C, Pazaitis A, Kostakis V. A peer-to-peer approach to energy production. Technol Soc 2015;42:28–38. link1

[92] Diestelmeier L. Changing power: shifting the role of electricity consumers with blockchain technology—policy implications for EU electricity law. Energy Policy 2019;128:189–96.